Central Oregon Market Update - August 2019
/Hello Everyone!
I hope this post finds everyone happy and healthy as we are coming to the end of our summer season! I can’t believe summer is almost over. Where has the year gone? I have been fielding a lot of calls about the market lately and how Bend is fairing. Bend seems to be behind the rest of the Western States when prices start dropping and sales start slowing. We then pick back up, often times quicker, then other areas for sales. We are in a weird bubble of our own.
Commercial sales seem to be slowing as well. The days of 4-5% cap rates don’t seem to be enticing too many these days. Cap rates are going up, prices coming down, and yet owners are still digging heals in and not budging on price at times. Development is getting harder to pencil (not that it was every easy), with the general theme being costs are just too high and rents too low (though I am not sure many renters feel as if rates are low).
For those who do not know, I partnered with an AMAZING woman, Kacey Taylor. She is absolutely fantastic. I have been looking for a long time to find someone who works hard like I do - responds to calls, emails and texts in a timely manner, cares about the client more than a one off sale, is personable, friendly, caring, and works hard. I finally found her. We have been working together since February and it has been the best decision I’ve made in a long time. So for those who have not yet met Kacey, there is a photo of the two of us together at a Michael Franti concert attached to this post, and I am sure you will meet her soon! The other two photos are of a recent trip to Canada my husband and I went on, with me working while on the trails, and a photo of a recent climb I sent at Smith!
If you have any questions, are thinking of selling or buying, or have any referrals, we are happy to help in any way we can!
QUICK COMMERCIAL TRENDS –
Office vacancy rates hover a 3%
Retail Vacancy range between 1% in the Old Mill to 5% in the southern sector
Industrial vacancy hovers between 1% to 4%, with the largest vacancy in the southern sector
QUICK CENTRAL OREGON RESIDENTIAL TRENDS:
TRENDS FOR JUNE 2019
¨ Average Price For Sale: $657,000
¨ Average Price Sold: $475,000
¨ Average Active Price Over 1 Year Ago: 2.8% Increase
¨ Average Sold Price Over 1 Year Ago: 2.8% Increase
¨ Average Days on Market: 93
¨ Sales Price/Original Price: 97%
¨ Months of Inventory: 3.2
¨ Months of Inventory Over 1 Year Ago: 3.3% Increase
¨ Number of Homes for Sale: 1782
¨ Number of Homes Sold: 553
VS. TRENDS FOR JUNE 2018
¨ Average Price For Sale: $649,000
¨ Average Price Sold: $462,000
¨ Average Active Price Over 1 Year Ago: 3.7% Increase
¨ Average Sold Price Over 1 Year Ago: 10.8% Increase
¨ Average Days on Market: 99
¨ Sales Price/Original Price: 98%
¨ Months of Inventory: 3.1
¨ Months of Inventory Over 1 Year Ago: 3.1% Decrease
¨ Number of Homes for Sale: 1810
¨ Number of Homes Sold: 590
Here is a link to Bend Premier’s Residential Market Update for more info:
https://www.bendpremierrealestate.com/blog/bend-premier-real-estate-july-2019-newsletter.html
Working at elevation! Not a bad office view…
Kacey and I, at the Michael Franti concert in June
Climbing at Smith Rock State Park